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Commodities

Oil Prices Plummet on Iran Talks Progress

Guavy AI Editorial Team
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Oil
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Oil prices experienced fluctuations on August 4 after US Treasury Secretary Scott Bessent indicated that the United States and Iran could reach an agreement soon to allow free passage for commercial vessels through the Strait of Hormuz.

US West Texas Intermediate (WTI) crude futures dropped approximately 4% and fell below $77 per barrel, according to Russian media cited by Caliber.Az. In contrast, Brent crude initially declined to $80.48 per barrel but later recovered to around $81.70 per barrel.

The price movements followed a previous session where oil prices had posted steep losses due to signs of de-escalation in the Middle East conflict influencing market sentiment.

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